48.—(1) The regulator must exclude information from a public register, unless a condition in paragraph (2) is met, if it—
(a)considers that the information may be confidential information, or
(b)receives notice from the information subject which—
(i)states that the information subject considers the information is confidential information, and
(ii)gives reasons for that view.
(2) The conditions are that—
(a)in relation to paragraph (1)(a), the regulator has given a notice under regulation 49(1) and the information subject has given notice of consent under regulation 49(2)(a);
(b)in relation to paragraph (1)(a) or (b)—
(i)a final confidentiality decision that the information should be included on the register has been made, or
(ii)the appropriate authority has given a direction under regulation 56(1) which requires the information to be included on the register.